Crypto audits give investors false sense of security as Q3 hacks cost $1.18 billion, Hacken says
The security firm found that 77% of third-quarter losses involved compromised suppliers, delayed fixes or systems outside the latest security reviews.
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Summary
- Hackers stole $1.18 billion from crypto projects in the third quarter, up 55% from the previous quarter, according to blockchain security firm Hacken.
- About $900 million in losses stemmed from compromised suppliers or developer tools, uninstalled security fixes or components excluded from security reviews.
- Hacken warned that audit badges can give investors a false sense of security because reviews often omit wallets, signing systems and third-party software that attackers target.
